Albion, MI Cost of Living

Albion cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

A general overview of the cost of living index for Albion, MI is displayed above. In Albion, MI, the overall cost of living index is 76, which is 14% lower than the Michigan average and 24% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Albion, MI, the city's goods and services are 6% lower than the Michigan average and 11% lower than the U.S. average.

Did you know?

The cost of living in Albion is 14% lower than the Michigan average.

The cost of living in Albion is 24% lower than the national average.

The cost of housing in Albion is 58% lower than the national average.

Michigan general sales tax is 18% higher than the national average.

Michigan state income tax is 91% higher than the national average.

Find Real Estate Listings In Albion

Location

Price

Bedrooms

Bathrooms

New Real Estate Listings In Albion

Compare Albion, MI Cost of living To Other Cities

Salary Calculator

I live in

I want to live in

I currently make 50,000This is how much you would need to earn in Price difference in compared to

Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is meant to help you compare your salary in Albion, MI to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Albion, MI, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Albion, MI salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$37,245

$3,104

$869

$1,117

Renters

$15,322

$1,277

$357

$460

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Albion, MI, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Albion, MI homeowners have a median income of $37,245. Using that number, you will come up with a maximum of $869 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $15,322, which means there is a maximum of $357 to be spent on the costs of renting a home or apartment.

Michigan Sales Tax

State

General Sales Tax

With Max Surtax

Michigan

6%

6%

Michigan Income Tax

State

Income Tax (Low)

Income Tax (High)

Michigan

4.25%

4.25%

One thing to keep in mind when considering the cost of living in Albion, MI is the Michigan sales tax and Michigan income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Michigan sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.

Goods & Services

Item

Albion

National avg.

Difference

Haircut

$14.95

$14.59

2.4%

Beauty Salon

$18.31

$34.68

47.2%

Toothpaste

$1.67

$2.47

32.5%

Shampoo

$0.85

$1.02

16.8%

Movie

$7.85

$9.87

20.5%

Bowling

$3.20

$4.39

27.1%

Groceries

Item

Albion

National avg.

Difference

Ground Beef

$3.65

$4.48

18.5%

Fried Chicken

$1.14

$1.46

22.1%

Milk

$2.61

$2.36

10.7%

Potatoes

$2.40

$3.06

21.6%

Pizza

$9.00

$9.24

2.6%

Beer

$8.10

$8.63

6.2%

Health Care

Item

Albion

National avg.

Difference

Optometrist

$57.14

$99.78

42.7%

Doctor

$88.50

$105.03

15.7%

Dentist

$95.43

$88.70

7.6%

Ibuprofen

$8.10

$9.41

13.9%

Lipitor

$301.16

$298.50

0.9%

Housing

Item

Albion

National avg.

Difference

Home Price

$60,100.00

$175,700.00

65.8%

Avg. Mortgage Payment

$687.82

$1,081.03

36.4%

Apartment Rent

$539.00

$920.00

41.4%

Transportation

Item

Albion

National avg.

Difference

Gasoline

$1.93

$2.09

7.9%

Tire Balancing

$49.66

$45.29

9.7%

Utilities

Item

Albion

National avg.

Difference

All Electricity

$173.63

$170.80

1.7%

Phone

$28.01

$28.26

0.9%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.